Ethereum Supply Becomes More Concentrated In Large Wallets, Here Are The Numbers

bitcoinistPublished on 2026-06-01Last updated on 2026-06-01

Abstract

Recent on-chain data indicates a significant increase in Ethereum concentration among large wallet holders. Whale addresses holding at least 100,000 ETH now control 22.03% of the total supply, the highest level in ten weeks, representing approximately $35 billion in value. This trend points to aggressive accumulation by institutional players and whales, continuing despite recent market volatility and price declines. Supporting this shift, exchange reserves have been consistently declining, suggesting assets are being moved to cold storage for long-term holding. Market activity shows a surge in buy orders from these large holders, effectively absorbing selling pressure from retail investors. Notably, one whale recently opened a highly leveraged $25.6 million long position, signaling strong confidence albeit with substantial risk.

The concentration of Ethereum (ETH) among large wallet holders is increasing as whales and institutional players continue to buy the second-largest cryptocurrency at an aggressive pace. Fresh on-chain data has also revealed a striking shift in the asset’s supply distribution. Currently, almost a quarter of Ethereum’s supply is now controlled by these large players, suggesting that accumulation by whales has continued despite recent price declines and market volatility.

Over 22% Of Ethereum Supply Now Controlled By Whales

On May 28, on-chain analytics platform Santiment posted fresh data on Ethereum’s supply distribution and whale concentration on X. According to the report, whale wallets with at least 100,000 ETH now collectively hold a staggering 17.4 million tokens, indicating a renewed accumulation trend among major investors.

Santiment noted that this represents the highest number of ETH held by this group of whales in the past nine weeks, suggesting that large players and institutions are aggressively increasing their buying activity as prices continue to decline. Notably, the total value of each ETH whale wallet has surged to approximately $35 billion based on recent market prices.

Source: Santiment

Moreover, the share of Ethereum’s supply held by these whales has reached a whopping 22.03%, marking a supply distribution high not seen in as long as 10 weeks. This data highlights a growing dominance of a small group of large holders over Ethereum’s circulating supply, in contrast to the smaller holdings of retail investors.

Interestingly, Ethereum whale activity has been increasing since 2025, with investors taking advantage of lower prices and market swings to bolster their positions. However, sometime in 2026, Ethereum experienced a major distribution phase, as these same whales began selling off their cryptocurrencies. However, recent reports indicate this trend has since changed.

Not only are whales accumulating Ethereum directly, but according to CryptoQuant, exchange reserves have continued to decline into Q2 2026. This consistent outflow has contributed significantly to ETH’s reduced circulating supply, suggesting that whales are buying ETH and moving it to cold wallets for long-term holding.

ETH Buy Orders Surge As Whales Go Long

Currently, buy orders for Ethereum are still rising, as on-chain data shows strong confidence and renewed interest among large holders. Crypto analyst CW shared this latest development on X, noting that there have been virtually no sell orders from whales in recent days. He also said that the buy orders are effectively absorbing the selling volume from retail investors in the ETH market.

Source: Santiment

As this unfolds, whales appear to be going long on Ethereum, betting that it could increase soon. A recent market report by Crypto Rover shows that a large holder opened a staggering $25.6 million ETH long position with 25x leverage. Crypto Rover described this as an “insane gamble,” highlighting both massive confidence and extreme risk involved. The analyst noted that if Ethereum’s price drops by just $20, the whale’s entire position could be wiped out.

ETH bull push for recovery | Source: ETHUSDT on Tradingview.com

Related Questions

QAccording to the article, what percentage of Ethereum's supply is now controlled by large wallet holders (whales)?

AAccording to the on-chain data from Santiment, large wallet holders (whales) now control 22.03% of Ethereum's supply.

QWhat is the minimum amount of ETH that defines a 'whale wallet' in the data presented by Santiment?

AIn the Santiment data, a 'whale wallet' is defined as a wallet holding at least 100,000 ETH.

QWhat recent trend does the decline in exchange reserves into Q2 2026 suggest about whale behavior?

AThe consistent decline in exchange reserves into Q2 2026 suggests that whales are buying ETH and moving it to cold wallets for long-term holding, rather than keeping it on exchanges for trading.

QWhat did analyst CW note about sell orders from whales in recent days?

AAnalyst CW noted that there have been virtually no sell orders from whales in recent days, with buy orders effectively absorbing the selling volume from retail investors.

QWhat significant risk did Crypto Rover highlight about the large $25.6 million ETH long position with 25x leverage?

ACrypto Rover highlighted that if Ethereum's price drops by just $20, the whale's entire $25.6 million leveraged long position could be wiped out.

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